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German business morale rebounds more than expected in March

[BERLIN] German business morale rose in March, snapping a three-month run of falls as companies'assessments of both the current situation and the outlook improved.

The Munich-based Ifo economic institute said on Tuesday its business climate index, based on a monthly survey of some 7,000 firms, rose to 106.7 from 105.7 in February.

The reading compared with the Reuters consensus forecast of a rise to 106.0. The gain was driven by improved sentiment in the manufacturing and wholesaling sectors. Construction was the only sector which saw weaker business sentiment.